We'll start with the definition of the two most common forms of Business Capital: debt financing and equity financing. The speakers gave informative definitions.
- Beware of Debt Traps. Keep in mind that "quality underwriting takes time." Good lenders will take time to asses your business and will not make hasty approval decisions. The speakers stressed that their funding decisions should take into account whether it will harm or help grow your business.
- Insist on Fees and Interest Rates. Insist on seeing fess and interest rates before deciding to apply, and make sure to have it in writing.
- Read Reviews & Do Research. Use the power of the internet to do your homework. Find out what others are saying. Try to get a good picture of who/what you will be dealing with.
- Get An Expert. Work with an accountant or bookkeeper. He or she will have a better picture of the financial fitness of your business, and can give you guidance with things you don't understand.
As a final take away, we'll leave you with a list of resources that were provided which are available to you.
- Small Business Bill of Rights
We hope this helps you if you're on the same journey as we are...developing your small business and constantly finding new ways to keep it growing. Stay tuned tomorrow for day 5 of Small Business Week and look forward to "Getting Your Business Financially Fit."